Business

India faces pressure from the EU and US to adopt data exclusivity in trade deals, but a GTRI report warns this could harm its agrochemical industry. Such provisions would create extended monopolies, delay generic pesticide approvals, increase import reliance, and raise costs for farmers, potentially undermining a key export sector.

Despite global economic headwinds from Middle East turmoil, India’s economy is projected for stable growth through FY26 and FY27, with SBI forecasting around 7.5% for FY26. Resilient domestic demand, strong credit expansion, and broad-based improvements in high-frequency indicators support this optimistic outlook, though external vulnerabilities like oil prices and currency movements remain key concerns.

India’s government is urging citizens to cut petrol and diesel use. This comes as the Strait of Hormuz situation tightens and global oil prices climb. Prime Minister Narendra Modi has appealed for reduced consumption. Public transport and electric vehicles are encouraged. Fuel supplies remain stable for consumers. However, state-owned oil companies face significant losses.

Prime Minister Modi urged Indians to halt gold purchases for a year to protect foreign exchange reserves, a call supported by GTRI which highlighted a surge in gold imports straining the trade balance. Union Minister Ashwini Vaishnaw echoed the appeal, emphasizing reduced import spending amid Middle East conflict, leading to a sell-off in jewellery stocks.